"Pertamina is still able to record profits, in the middle of the assignment in the provision of fuel for the people throughout Indonesia, with prices according to government regulations," Pertamina President Director Elia Massa Manik told a press conference in Jakarta on Thursday (2/11).
Massa explained, the decline in profit is due to the company's cost of fuel policy one price. Pertamina must bear the increasing oil price difference in the last nine months.
In fact, Pertamina must make oil price adjustment once every three months. The move did not seem to apply to Pertamina.
Massa added that in reference to the fuel price calculation formula, Pertamina's financial performance is better, with revenues reaching USD 32.8 billion and net profit of USD 3.05 billion.
Nevertheless, Massa emphasized that the income difference has been returned as Pertamina's contribution to society, to cover the difference in fuel price of USD 1.42 billion (around Rp 19 trillion)
The government has mandated the oil and gas SOEs that oil prices will not rise until the end of the year. On the other hand, Pertamina also must make the price of fuel in all regions of Indonesia together with the island of Java.
He hopes, Pertamina's future performance can continue to improve. In addition, it also wants consumers to still be able to enjoy a fair price of fuel.
"This is what I think is government policy and it is enjoyed by Pertamina's consumers, they get cheaper fuel prices," he concluded.
(cr4 / JPC)